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At January 1, 2020, Shamrock Company had plan assets of $292,600 and a projected benefit obligation of the same amount. During 2020, service cost was

At January 1, 2020, Shamrock Company had plan assets of $292,600 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $24,900, contributions were $19,600, and benefits paid were $18,000. Prepare a pension worksheet for Shamrock Company for 2020. Items 1/1/20 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20 SHAMROCK COMPANY General Journal Entries Pension Expense Cash $ $ $ $ Pension Asset/Liability $ Memo Record Projected Benefit Obligation $ $ $ $ Plan Assets

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